Composites Market

Composites Market by Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process, End-use Industry and Region - Global Forecast to 2026

Report Code: CH 3185 Nov, 2022, by marketsandmarkets.com

[308 Pages Report] The global composites market size is estimated to be USD 88 billion in 2021 and is expected to reach USD 126.3 billion by 2026, at a CAGR of 7.5% from 2021 to 2026. The composites market is growing because of the rise in the demand from wind energy, aerospace & defense, and automotive & transportation industries.  However, owing to COVID-19, the sales of various industries has declined, resulting in reduced demand for composites.

Composites Market

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Impact of COVID-19 on global composites market

COVID-19 has negatively affected the demand for composites across the globe due to decrease in demand from various end-use industries. Aerospace & defense being one of the major consumer of composites has witnessed the most adverse and immediate consequences of the pandemic. The airline sector has faced the worst consequences due to the lockdown across international and domestic borders. This has impacted badly on the demand of composites.

Global composites market Dynamics:

Drivers: Government stimulus packages to drive the composites market post COVID-19

It is important to contain the infection to minimize the negative impact on the economy. Countries have announced various steps to contain the virus spread, support consumer spending, and spur economic activities. China, the first county affected by COVID-19, has announced a USD 180 Billion financial stimulus package for epidemic prevention, production of medical equipment, insurance disbursement, and tax relief, among others. The government has also announced USD 430 billion liquidity infusions into the banking system to support micro and small industries. Reduction in repo and report rates are other measures taken to support the business activity in the country.

Restraints: Lack of standardization in manufacturing technologies

Manufacturing and non-recurring development costs continue to limit the penetration of composites in several applications such as sporting goods, marine, and consumer goods. Design consistency, process standardization, and maintenance technology are the major issues of concern. The lack of standardization of material and methodologies compels the manufacturers to consider conservative designs, which hampers the mass production and economic performance of automobiles and aircraft. In addition, limited human resources with training and experience in composites restrain broader applications of composites

Opportunities: Increasing demand in emerging economies

Traditionally, the glass fiber and carbon fiber composites industry was concentrated in Japan, North America, and Europe. However, in recent years, there has been a significant shift toward the emerging economies in APAC and Rest of the World. For instance, the demand for glass fiber and carbon fiber composites in aerospace, wind energy, and transportation sectors has increased in the emerging economies, such as India, Brazil, and China, due to the strong demand for low-cost carriers. Countries, including China, have launched a number of research projects involving glass fiber and carbon fiber composites, and its rapid industrialization is likely to accommodate the increase in demand. Moreover, with the rapid economic growth and industrialization in the emerging nations, cyclic industries such as automotive, pipe and tanks, and construction and infrastructure are expected to grow rapidly, driving the demand for GFRP and CFRP. Further, for the upgradation, maintenance of existing infrastructure and the creation of new cities with water treatment facilities, the demand for composites in the construction & infrastructure industry as well as in pipes & tanks is expected to grow during the forecast period.

Challenges: Developing low-cost technologies

The high cost of composites has been an important point of concern associated with its increasing use in structural applications. The real potential of composites has not yet been realized owing to R&D costs, high manufacturing costs, and increased cycle times. Many applications of aerospace composites have been discovered, but due to high-cost constraints, commercialization of these applications is yet to get started. Owing to the high R&D costs, developing low-cost technologies is a major challenge for all the researchers and key manufacturers.

In terms of volume, automotive & transportation industry has the largest market share in the global composites.

The saving in weight for a given level of strength makes the use of composites vital in the automotive & transportation industry. The automotive and rail sectors are focused on reducing weight and increasing the efficiency of vehicles and exploiting more advanced materials. Due to COVID-19, automobile manufacturers across the globe are facing several challenges. The US, Japan, South Korea, Italy, Germany, and the UK were the most affected countries, which are the major automotive & transportation manufacturing countries. The majority of the automobile manufacturers has witnessed a direct impact of the pandemic situation on their 2020 revenue.

Glass fiber is the major segment of the market in terms of value and volume.

Owing to its superior attributes, such as strength, flexibility, durability, stability, low weight, and resistance to heat, temperature, and moisture, glass fiber is used for different applications in the construction, wind energy, pipes & tanks, marine, and transportation industries. It is used in different applications, such as underbody systems, deck lids, front end modules, bumper beams, engine covers instrument panels, and air ducts in the transportation industry. The demand in for glass fiber-based composites has suffered a setback due to the outbreak of COVID-19 in the major glass fiber composite manufacturing countries- India and China.

Thermoset resin is the largest segment of composites in terms of value and volume.

Thermoset dominated the composites market in the resin type segment. Thermoset composites are very durable and low on maintenance because of their rigid inter-linking molecular structure, inert chemical composition, and resistance to ultraviolet and chemical attack. However, due to COVID- 19, the demand for thermoset resins from wind energy, automotive & transportation, aerospace & defense, pipes & tanks, and other industries showed a decline.

Lay-up process accounted for the largest share in terms of value and volume

Orientation of the fibers can be controlled as per the need, so that they can absorb maximum stress to which they are subjected. This method is popular among the manufacturers because it is a low-cost method and has advantages such as quick deposition of fiber & resin and ease of operation. The lay-up process is used for designing simple enclosures and lightly loaded structural panels usually. Aerospace & defense, construction & infrastructure, wind energy, and marine end-use industries have the maximum demand of this method. The lay-up process is further categorised into three types, namely, hand lay-up, tape lay-up, and spray lay-up. Hand lay-up is the most common and most cost effective used process for manufacturing composites. It is used in the production of large components such as wind turbine components, concrete forms, and aircraft radomes.

Composites Market by Region

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APAC held the largest market share in the composites market in 2020.

APAC is the major consumer of composite owing to high demand from China, Japan, India, and other countries. Major end-use industries of composites in the APAC market include construction, automotive and transportation, aerospace & defense, and wind energy among others. Advancements in technology, regulatory policies, and government norms are some of the major factors driving the composites market in APAC. However, COVID-19 pandemic reduced the demand for composites in the region.

Key Market Players

The key players in the global composites market are Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electrical Glass Co. Ltd. (Japan), Huntsman International LLC. (US), and Solvay (Belgium). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composites industry. The study includes an in-depth competitive analysis of these companies in the composites market, with their company profiles, recent developments, and key market strategies.     

Recent Developments  

  • In June 2021, Solvay S.A. partnered with Italian UAM company Novotech and will be providing access to its range of thermoset and thermoplastic composites and adhesive materials. It will also provide dedicated technical support to develop the structure of its hybrid Seagull water landing aircraft's second prototype due to fly in late 2021.
  • In June 2021, Hexcel Corporation announced the successful maiden flight of a lightweight camera drone, developed using Hexcel HexPly carbon fiber prepregs. The composite drone was developed by a team of students from the University of Applied Sciences Upper Austria in Wels with composite materials supplied by Hexcel Neumarkt in Austria
  • In September 2021, Hexcel Corporation announced an expansion at its existing engineered core facility in Casablanca, Morocco, at the Midparc Free Trade Zone Industrial Park that will double the size of the plant and will lead to an increase in overall employment.
  • In May 2021, Toray Industries, Inc. developed a high thermal conductivity technology that lifts the heat-dissipating properties of carbon-fiber-reinforced plastic (CFRP) to that of metals.

Composites Market Report Scope

Report Metric

Details

Market Size Value in 2021

USD 88.0 billion

Revenue Forecast in 2026

USD 126.3 billion

Growth Rate

CAGR of 7.5% from 2021 to 2026

Years considered for the study 2017–2026
Base year 2020
Forecast period 2021–2026
Units considered Value (USD Million), Volume (Kiloton 
Segments Fiber Type, Resin Type, Manufacturing Process, End-use Industry and Region
Regions Europe, North America, APAC, MEA, and Latin America 
Companies Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electric Glass Co. Ltd. (Japan), Huntsman International LLC. (US), and Solvay (Belgium)

This research report categorizes the composites market based on fiber type, resin type, manufacturing process, end-use industry, and region.

By Fiber Type:

  • Glass Fiber Composites
  • Carbon Fiber Composites
  • Natural Fiber Composites
  • Other Fiber Composites

By Resin Type:

  • Thermoset Composites
  • Thermoplastic  Composites

By end-use industry:

  • Aerospace & defense
  • Wind Energy
  • Automotive & Transportation
  • Construction & Infrastructure
  • Marine
  • Pipe & Tank
  • Electrical & Electronics
  • Others

By Manufacturing Process:

  • Lay-up
  • Filament Winding
  • Injection Molding
  • Pultrusion
  • Compression Molding
  • RTM
  • Others

By region:

  • North America
  • Europe
  • APAC
  • MEA
  • Latin America

Recent Developments  

  • In June 2021, Solvay S.A. partnered with Italian UAM company Novotech and will be providing access to its range of thermoset and thermoplastic composites and adhesive materials. It will also provide dedicated technical support to develop the structure of its hybrid Seagull water landing aircraft's second prototype due to fly in late 2021.
  • In June 2021, Hexcel Corporation announced the successful maiden flight of a lightweight camera drone, developed using Hexcel HexPly carbon fiber prepregs. The composite drone was developed by a team of students from the University of Applied Sciences Upper Austria in Wels with composite materials supplied by Hexcel Neumarkt in Austria
  • In September 2021, Hexcel Corporation announced an expansion at its existing engineered core facility in Casablanca, Morocco, at the Midparc Free Trade Zone Industrial Park that will double the size of the plant and will lead to an increase in overall employment.
  • In May 2021, Toray Industries, Inc. developed a high thermal conductivity technology that lifts the heat-dissipating properties of carbon-fiber-reinforced plastic (CFRP) to that of metals.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENT

1 Introduction 
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered in the Report
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology
    2.1 Market Share Estimation
           2.1.1 Secondary Data
                    2.1.1.1 Key Data from Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data from Primary Sources
                    2.1.2.2 Key Industry Insights
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions

3 Executive Summary

4 Premium Insights 
    4.1 Significant Opportunities in Composites Market, 2022–2027
    4.2 Composites Market, By Fiber Type
    4.3 Composites Market, By Resin Type
    4.4 Composites Market, By Manufacturing Process
    4.5 Composites Market, By End-use Industry
    4.6 Composites Market, By Country

5 Market Overview 
    5.1 Introduction
    5.2 Market Dynamics
           5.3.1 Drivers
           5.3.2 Restraints
           5.3.3 Opportunities
           5.4.4 Challenges
    5.3 Porter's Five Forces Analysis
           5.4.1 Bargaining Power of Suppliers
           5.4.2 Bargaining Power of Buyers
           5.4.3 Threat of New Entrants
           5.4.4 Threat of Substitutes
           5.4.5 Degree of Competition
    5.4 Supply Chain Analysis
    5.5 Ecosystem: Composites Market
    5.6 Value Chain Analysis
    5.7 Raw Material Analysis
    5.8 Pricing Analysis
    5.9 Trends and Disruptions Impacting Customers

6 Composites Market, By Fiber Type
    6.1 Glass Fiber Composites
    6.2 Carbon Fiber Composites 
    6.3 Others

7 Composites Market, By Resin Type 
    7.1 Thermoset Composites
    7.2 Thermoplastic Composites

8 Composites Market, By Manufacturing Process
    8.1 Lay-up Process
    8.2 Filament Winding Process
    8.3 Injection Molding Process
    8.4 Pultrusion Process 
    8.5 Compression Molding Process
    8.6 Resin Transfer Molding (RTM) Process
    8.7 Others

9 Composites Market, By End-use Industry
    9.1 Aerospace & Defense
    9.2 Wind Energy
    9.3 Automotive & Transportation
    9.4 Construction & Infrastructure 
    9.5 Pipes & Tanks 
    9.6 Marine
    9.7 Electrical & Electronics
    9.8 Others

10 Composites Market, By Region
     10.1 Introduction
     10.2 North America
             10.2.1 Composites Market Size in North America, By End-Use Industry
             10.2.2 Composites Market Size in North America, By Country
                        10.2.2.1 Canada
                                     10.2.2.1.1 Composites Market Size in Canada, By End-Use Industry
                        10.2.2.2 U.S.
                                     10.2.2.2.1 Composites Market Size in U.S., By End-Use Industry
     10.3 Europe
             10.3.1 Composites Market Size in Europe, By End-Use Industry
             10.3.2 Composites Market Size in Europe, By Country
                        10.3.2.1 Germany
                                     10.3.2.1.1 Composites Market Size in Germany, By End-Use Industry
                        10.3.2.2 France
                                     10.3.2.2.1 Composites Market Size in France, By End-Use Industry
                        10.3.2.3 UK
                                     10.3.2.3.1 Composites Market Size in UK, By End-Use Industry
                        10.3.2.4 Russia
                                     10.3.2.4.1 Composites Market Size in Russia, By End-Use Industry
                        10.3.2.5 Italy
                                     10.3.2.5.1 Composites Market Size in Italy, By End-Use Industry
                        10.3.2.6 Rest of Europe
                                     10.3.2.6.1 Composites Market Size in Rest of Europe, By End-Use Industry
     10.4 Asia-Pacific
             10.4.1 Composites Market Size in Asia-Pacific, By End-Use Industry
             10.4.2 Composites Market Size in Asia-Pacific, By Country
                        10.4.2.1 China
                                     10.4.2.1.1 Composites Market Size in China, By End-Use Industry
                        10.4.2.2 Japan
                                     10.4.4.2.1 Composites Market Size in Japan, By End-Use Industry
                        10.4.2.3 India
                                     10.4.2.3.1 Composites Market Size in India, By End-Use Industry
                        10.4.2.4 South Korea
                                     10.4.2.4.1 Composites Market Size in South Korea, By End-Use Industry
                        10.4.2.5 Rest of Asia Pacific
                                     10.4.2.5.1 Composites Market Size in Rest of Asia Pacific, By End-Use Industry
     10.5 Latin America
             10.5.1 Composites Market Size in Latin America, By End-Use Industry
             10.5.2 Composites Market Size in Latin America, By Country
                        10.5.2.1 Brazil
                                     10.5.2.1.1 Composites Market Size in Brazil, By End-Use Industry
                        10.5.2.2 Mexico
                                     10.5.2.2.1 Composites Market Size in Mexico, By End-Use Industry
                        10.5.2.3 Rest of Latin America
                                     10.5.2.3.1 Composites Market Size in Latin America, By End-Use Industry
     10.6 Middle East & Africa
             10.6.1 Composites Market Size in Middle East & Africa, By End-Use Industry
             10.6.2 Composites Market Size in Middle East & Africa, By Country
                        10.6.2.1 Saudi Arabia
                                     10.6.2.1.1 Composites Market Size in Saudi Arabia, By End-Use Industry
                        10.6.2.2 South Africa
                                     10.6.2.2.1 Composites Market Size in South Africa, By End-Use Industry
                        10.6.2.3 Rest of Middle East & Africa
                                     10.6.2.3.1 Composites Market Size in Rest of Middle East & Africa, By End-Use Industry

11 Competitive Landscape 
     11.1 Introduction
     11.2 Market Share Analysis
     11.3 
     11.4 Market Evaluation Framework
             11.4.1 Product Launches and Developments
             11.4.2 Expansions
             11.4.3 Contracts and Agreements
             11.4.4 Mergers & Acquisitions
     11.5 Revenue Analysis of Top Market Players
     11.6 Company Evaluation Matrix
             11.6.1 Star
             11.6.2 Emerging Leaders
             11.6.3 Pervasive
             11.6.4 Participants

12 Company Profiles 
* (Business Overview, Products Mix, Recent Developments, SWOT Analysis, MnM view)
     12.1 Owens Corning
     12.2 Toray Industries, Inc.
     12.3 Mitsubishi Chemical Holdings Corporation
     12.4 Solvay S.A.
     12.5 Teijin Limited
     12.6 SGL Carbon SE
     12.7 Hexcel Corporation
     12.8 Nippon Electric Glass Co., Ltd.
     12.9 Huntsman International LLC
     12.10 Hexion
     12.11 Other Companies

*Details Might Not Be Captured in Case of Unlisted Companies.
Note: This is the tentative list, we will provide you the company profiles of major companies in this market. 

13 Appendix

The study involved two major activities in estimating the current size of the composites market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation procedures were used to determine the extent of market segments and sub-segments.

Secondary Research

In the secondary research process, various secondary sources such as Hoovers, Bloomberg BusinessWeek, and Factiva were referred to, to identify and collect information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold standard & silver standard websites, regulatory bodies, trade directories, and databases.

Primary Research

The composites market comprises several stakeholders, such as raw material suppliers, processors, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized by the development of mainly the transportation, wind energy, aerospace & defense, construction & infrastructure end-use industries. Advancements in technology and diverse applications in various end-use industries describe the supply side. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.

Composites Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both the top-down and bottom-up approaches were used to estimate and validate the total composites market. These methods were also used extensively to determine the size of various sub-segments in the market. The research methodology used to estimate the market size included the following:

  • The key players in the industry and markets were identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value, were determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall composites market size using the market size estimation processes as explained above, the market was split into several segments and sub-segments. To complete the whole market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides, mainly from the automotive & transportation, wind energy, aerospace & defense, construction & infrastructure end-use industries.

Report Objectives

  • To define, describe, and forecast the size of the composites market, in terms of value and volume
  • To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
  • To analyze and forecast the market based on resin type, fiber type, manufacturing process, and end-use industry
  • To analyze and project the market based on five regions, namely, Europe, North America, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America
  • To strategically analyze the micromarkets concerning individual growth trends, prospects, and their contribution to the overall market
  • To analyze the opportunities in the market for stakeholders and provide a competitive landscape for market leaders
  • To strategically profile the key players and comprehensively analyze their market shares and core competencies

Available Customizations

 MarketsandMarkets offers customizations according to the specific needs of the companies with the given market data.
The following customization options are available for the report:

Product Analysis

  • Product matrix, which gives a detailed comparison of the product portfolio of each company

Regional Analysis

  • Further breakdown of Rest of APAC composites market
  • Further breakdown of Rest of Europe composites market
  • Further breakdown of Rest of NA composites market
  • Further breakdown of Rest of MEA composites market
  • Further breakdown of Rest of Latin American composites market

Company Information

  • Detailed analysis and profiling of additional market players (up to 10)
Report Code
CH 3185
Published ON
Nov, 2022
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